{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{longtable}{l*{8}{c}}
\caption*{Table A20: Full Specification for Table A10, Real Nondurable Goods Spending vs. Year-Ahead Expectations, Mortgagor Sample, GEE estimation}\\
\toprule\endfirsthead\midrule\endhead\midrule\endfoot\endlastfoot
                                             &\multicolumn{1}{c}{(1)}         &\multicolumn{1}{c}{(2)}         &\multicolumn{1}{c}{(3)}         &\multicolumn{1}{c}{(4)}         &\multicolumn{1}{c}{(5)}         &\multicolumn{1}{c}{(6)}         &\multicolumn{1}{c}{(7)}         &\multicolumn{1}{c}{(8)}         \\
\midrule
Inflation Expectation                        &       0.027         &       0.030         &       0.036         &       0.020         &       0.023         &       0.013         &       0.032         &       0.023         \\
                                             &     (0.021)         &     (0.021)         &     (0.023)         &     (0.019)         &     (0.021)         &     (0.020)         &     (0.022)         &     (0.024)         \\
Inflation Uncertainty                        &       0.021         &       0.019         &       0.022         &       0.015         &       0.028\sym{*}  &       0.024\sym{*}  &       0.022\sym{*}  &       0.012         \\
                                             &     (0.013)         &     (0.014)         &     (0.014)         &     (0.012)         &     (0.015)         &     (0.014)         &     (0.013)         &     (0.017)         \\
Mortgage Balance (Log)                       &       0.050         &       0.055         &       0.049         &       0.135\sym{***}&       0.055         &       0.053         &       0.052         &       0.266\sym{***}\\
                                             &     (0.049)         &     (0.051)         &     (0.048)         &     (0.034)         &     (0.046)         &     (0.053)         &     (0.051)         &     (0.096)         \\
Household Income (Log)                       &       0.012         &      -0.023         &       0.011         &      -0.114         &      -0.003         &       0.004         &       0.026         &       0.221         \\
                                             &     (0.137)         &     (0.144)         &     (0.142)         &     (0.101)         &     (0.135)         &     (0.149)         &     (0.135)         &     (0.174)         \\
Monthly Payments (Log)                       &      -0.009         &      -0.011         &      -0.002         &      -0.014         &      -0.016         &       0.009         &      -0.023         &      -0.038         \\
                                             &     (0.033)         &     (0.034)         &     (0.035)         &     (0.034)         &     (0.033)         &     (0.027)         &     (0.039)         &     (0.037)         \\
Expects Interest Rate Increase                              &       0.112\sym{***}&       0.107\sym{***}&       0.114\sym{***}&       0.111\sym{***}&       0.106\sym{**} &       0.105\sym{**} &       0.114\sym{***}&       0.117\sym{**} \\
                                             &     (0.043)         &     (0.040)         &     (0.042)         &     (0.036)         &     (0.043)         &     (0.043)         &     (0.044)         &     (0.055)         \\
Expects Interest Rate Decrease                              &       0.103         &       0.098         &       0.093         &       0.085         &       0.088         &       0.114         &       0.099         &       0.087         \\
                                             &     (0.073)         &     (0.073)         &     (0.070)         &     (0.065)         &     (0.072)         &     (0.093)         &     (0.071)         &     (0.078)         \\
Real Wage Expectation                        &       0.009         &       0.009         &       0.010         &       0.009         &       0.009         &       0.009         &       0.010         &       0.008         \\
                                             &     (0.007)         &     (0.006)         &     (0.007)         &     (0.006)         &     (0.008)         &     (0.009)         &     (0.007)         &     (0.006)         \\
Wage Uncertainty                             &      -0.002         &      -0.001         &      -0.004         &       0.000         &      -0.005         &       0.000         &      -0.004         &      -0.005         \\
                                             &     (0.011)         &     (0.011)         &     (0.011)         &     (0.009)         &     (0.013)         &     (0.011)         &     (0.011)         &     (0.011)         \\
Age                                          &      -0.006         &      -0.004         &      -0.005         &      -0.003         &      -0.001         &      -0.004         &      -0.007         &      -0.007         \\
                                             &     (0.008)         &     (0.008)         &     (0.008)         &     (0.008)         &     (0.007)         &     (0.008)         &     (0.008)         &     (0.008)         \\
Non-White                                  &       0.067         &       0.146         &       0.073         &       0.051         &       0.205\sym{*}  &       0.119         &       0.067         &       0.081         \\
                                             &     (0.128)         &     (0.176)         &     (0.131)         &     (0.146)         &     (0.112)         &     (0.168)         &     (0.127)         &     (0.130)         \\
Female                                     &       0.206\sym{**} &       0.189\sym{**} &       0.205\sym{**} &       0.255\sym{***}&       0.209\sym{***}&       0.006         &       0.208\sym{**} &       0.186\sym{**} \\
                                             &     (0.087)         &     (0.091)         &     (0.090)         &     (0.093)         &     (0.075)         &     (0.115)         &     (0.087)         &     (0.090)         \\
Retired                                    &       0.145         &       0.186         &       0.131         &       0.146         &       0.157         &      -0.120         &       0.143         &       0.130         \\
                                             &     (0.128)         &     (0.153)         &     (0.127)         &     (0.141)         &     (0.125)         &     (0.151)         &     (0.129)         &     (0.143)         \\
House Price Expectation                      &       0.000         &       0.001         &       0.000         &      -0.001         &      -0.000         &      -0.000         &       0.001         &       0.002         \\
                                             &     (0.003)         &     (0.003)         &     (0.003)         &     (0.003)         &     (0.003)         &     (0.003)         &     (0.003)         &     (0.003)         \\
Expects Unemployment Increase                                  &      -0.128\sym{**} &      -0.130\sym{**} &      -0.128\sym{**} &       0.013         &      -0.151\sym{**} &      -0.127\sym{*}  &      -0.122\sym{**} &      -0.092         \\
                                             &     (0.064)         &     (0.065)         &     (0.063)         &     (0.042)         &     (0.063)         &     (0.074)         &     (0.062)         &     (0.065)         \\
Expects Unemployment Decrease                                  &       0.001         &       0.001         &       0.002         &       0.013         &       0.003         &      -0.013         &       0.006         &       0.032         \\
                                             &     (0.047)         &     (0.047)         &     (0.048)         &     (0.042)         &     (0.046)         &     (0.057)         &     (0.047)         &     (0.042)         \\
Mean Inflation Expectation                   &      -0.075\sym{**} &      -0.069\sym{**} &      -0.067\sym{**} &      -0.098\sym{***}&      -0.104\sym{***}&      -0.088\sym{***}&      -0.073\sym{**} &      -0.075\sym{**} \\
                                             &     (0.031)         &     (0.028)         &     (0.031)         &     (0.032)         &     (0.029)         &     (0.032)         &     (0.031)         &     (0.030)         \\
Mean Inflation Uncertainty                   &       0.108\sym{***}&       0.110\sym{***}&       0.103\sym{***}&       0.142\sym{***}&       0.098\sym{***}&       0.075\sym{**} &       0.106\sym{***}&       0.122\sym{***}\\
                                             &     (0.033)         &     (0.033)         &     (0.033)         &     (0.037)         &     (0.029)         &     (0.035)         &     (0.034)         &     (0.036)         \\
Mean Log Mortgage Balance                    &      -0.043         &      -0.079         &      -0.039         &      -0.183\sym{***}&       0.006         &      -0.112         &      -0.042         &      -0.228\sym{***}\\
                                             &     (0.054)         &     (0.067)         &     (0.054)         &     (0.057)         &     (0.058)         &     (0.069)         &     (0.055)         &     (0.085)         \\
Mean Log Household Income                    &       0.472\sym{***}&       0.537\sym{***}&       0.468\sym{***}&       0.608\sym{***}&       0.470\sym{***}&       0.549\sym{***}&       0.461\sym{***}&       0.241         \\
                                             &     (0.153)         &     (0.167)         &     (0.164)         &     (0.131)         &     (0.145)         &     (0.176)         &     (0.151)         &     (0.183)         \\
Mean Log Monthly Payments                    &       0.071         &       0.089         &       0.061         &       0.112         &       0.029         &       0.008         &       0.074         &       0.098         \\
                                             &     (0.069)         &     (0.069)         &     (0.066)         &     (0.080)         &     (0.070)         &     (0.057)         &     (0.067)         &     (0.071)         \\
Mean Expects Interest Rate Increase          &       0.255\sym{**} &       0.233\sym{*}  &       0.241\sym{**} &       0.360\sym{***}&       0.230\sym{*}  &       0.362\sym{***}&       0.249\sym{**} &       0.227\sym{**} \\
                                             &     (0.115)         &     (0.123)         &     (0.113)         &     (0.125)         &     (0.118)         &     (0.118)         &     (0.114)         &     (0.115)         \\
Mean Expects Interest Rate Decrease          &      -0.870\sym{***}&      -0.852\sym{***}&      -0.850\sym{***}&      -0.835\sym{**} &      -1.238\sym{***}&      -0.093         &      -0.847\sym{***}&      -0.810\sym{***}\\
                                             &     (0.331)         &     (0.315)         &     (0.327)         &     (0.357)         &     (0.285)         &     (0.383)         &     (0.317)         &     (0.313)         \\
Mean Real Wage Expectation                   &      -0.006         &      -0.002         &      -0.007         &      -0.008         &      -0.018         &      -0.035         &      -0.008         &      -0.005         \\
                                             &     (0.014)         &     (0.015)         &     (0.014)         &     (0.016)         &     (0.016)         &     (0.022)         &     (0.015)         &     (0.014)         \\
Mean Wage Uncertainty                        &       0.006         &       0.004         &       0.007         &      -0.006         &       0.028         &       0.034         &       0.007         &       0.013         \\
                                             &     (0.030)         &     (0.037)         &     (0.030)         &     (0.033)         &     (0.028)         &     (0.037)         &     (0.031)         &     (0.032)         \\
Mean House Price Expectation                 &      -0.009         &      -0.013         &      -0.009         &       0.002         &      -0.007         &      -0.018         &      -0.010         &      -0.010         \\
                                             &     (0.013)         &     (0.015)         &     (0.013)         &     (0.013)         &     (0.012)         &     (0.015)         &     (0.013)         &     (0.013)         \\
Mean Expects Unemployment Increase           &      -0.311         &      -0.347         &      -0.325         &      -0.297         &       0.038         &      -0.532\sym{***}&      -0.329         &      -0.333         \\
                                             &     (0.226)         &     (0.218)         &     (0.224)         &     (0.233)         &     (0.206)         &     (0.200)         &     (0.231)         &     (0.248)         \\
Mean Expects Unemployment Decrease           &       0.039         &       0.054         &       0.041         &      -0.022         &       0.079         &      -0.227         &       0.045         &       0.016         \\
                                             &     (0.158)         &     (0.156)         &     (0.154)         &     (0.177)         &     (0.135)         &     (0.192)         &     (0.158)         &     (0.166)         \\
No College                                 &      -0.112         &      -0.114         &      -0.118         &      -0.008         &      -0.036         &      -0.064         &      -0.155         &      -0.188         \\
                                             &     (0.114)         &     (0.118)         &     (0.118)         &     (0.103)         &     (0.112)         &     (0.134)         &     (0.119)         &     (0.125)         \\
No College $\times$ Inflation Expectation  &      -0.010         &      -0.013         &      -0.015         &      -0.009         &      -0.002         &      -0.021         &      -0.012         &      -0.019         \\
                                             &     (0.021)         &     (0.022)         &     (0.022)         &     (0.020)         &     (0.022)         &     (0.021)         &     (0.022)         &     (0.027)         \\
No College $\times$ Inflation Uncertainty  &       0.005         &       0.008         &       0.007         &       0.016         &      -0.008         &       0.007         &       0.015         &       0.037         \\
                                             &     (0.020)         &     (0.021)         &     (0.022)         &     (0.020)         &     (0.022)         &     (0.022)         &     (0.031)         &     (0.037)         \\
Mean Log Mortgage Balance $\times$ Inflation Expectation&       0.025\sym{**} &       0.025\sym{**} &       0.027\sym{**} &       0.035\sym{***}&       0.021\sym{*}  &       0.023\sym{**} &       0.027\sym{**} &       0.007         \\
                                             &     (0.011)         &     (0.011)         &     (0.011)         &     (0.011)         &     (0.012)         &     (0.010)         &     (0.011)         &     (0.013)         \\
Mean Log Household Income $\times$ Inflation Expectation&       0.017         &       0.017         &       0.022         &      -0.005         &       0.021         &       0.010         &       0.020         &       0.012         \\
                                             &     (0.015)         &     (0.015)         &     (0.019)         &     (0.013)         &     (0.014)         &     (0.017)         &     (0.016)         &     (0.019)         \\
Mean Log Monthly Payments $\times$ Inflation Expectation&      -0.028\sym{*}  &      -0.029\sym{*}  &      -0.035\sym{*}  &      -0.023         &      -0.033\sym{*}  &      -0.013         &      -0.032\sym{*}  &      -0.019         \\
                                             &     (0.017)         &     (0.016)         &     (0.018)         &     (0.016)         &     (0.019)         &     (0.017)         &     (0.017)         &     (0.016)         \\
Regional Gas Price Inflation                 &                     &      -0.009         &                     &                     &                     &                     &                     &                     \\
                                             &                     &     (0.011)         &                     &                     &                     &                     &                     &                     \\
Lagged Inflation Expectation                 &                     &                     &      -0.010         &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.010)         &                     &                     &                     &                     &                     \\
No College $\times$ Lagged Inflation Expectation&                     &                     &       0.011         &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.022)         &                     &                     &                     &                     &                     \\
Lagged Inflation Uncertainty                 &                     &                     &       0.004         &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.014)         &                     &                     &                     &                     &                     \\
No College $\times$ Lagged Inflation Uncertainty&                     &                     &       0.006         &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.025)         &                     &                     &                     &                     &                     \\
No College $\times$ Expects Unemployment Increase            &                     &                     &                     &      -0.532\sym{***}&                     &                     &                     &                     \\
                                             &                     &                     &                     &     (0.076)         &                     &                     &                     &                     \\
No College $\times$ Expects Unemployment Decrease            &                     &                     &                     &      -0.061         &                     &                     &                     &                     \\
                                             &                     &                     &                     &     (0.078)         &                     &                     &                     &                     \\
Constant                                     &       7.229\sym{***}&       7.022\sym{***}&       7.245\sym{***}&       6.960\sym{***}&       6.695\sym{***}&       7.298\sym{***}&       7.334\sym{***}&       7.320\sym{***}\\
                                             &     (0.459)         &     (0.578)         &     (0.457)         &     (0.461)         &     (0.479)         &     (0.518)         &     (0.456)         &     (0.453)         \\
\midrule
Correlated Random Effects                    &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         \\
Chi$^2$                                      &     1468.69         &     1710.16         &     1495.11         &     1559.56         &     3341.76         &     4151.33         &     1365.74         &      851.82         \\
P Value                                      &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         \\
Sample Size                                  &         579         &         579         &         579         &         579         &         518         &         507         &         562         &         479         \\
\bottomrule \caption*{\normalsize \doublespacing Standard errors in parentheses. \\ \textit{Note:} Each column includes time fixed effects. All means refer to within-subject means. Model (1) is unaltered. Model (2) includes gas price inflation and regional controls. Regional controls are omitted. Model (3) includes the lagged inflation expectation and lagged inflation uncertainty and their interactions with the no college indicator. Model (4) includes the interactions of the unemployment expectations indicators with the no college indicator. Model (5) restricts to the overlap sample between the durables and nondurables samples. Model (6) restricts to households in the nondurables mortgagor sample with more than 4 observations. Model (7) excludes months with outlier median inflation expectations: June 2010, March 2011, September 2011, February 2012. Model (8) excludes observations from 2012, in which the nondurable sample's spending patterns were most different from the CES. Robust standard errors are clustered at the level of the individual respondent. \sym{*} \(p<0.10\), \sym{**} \(p<0.05\), \sym{***} \(p<0.01\) }
\end{longtable}
}
